The law firm of Norris McLaughlin, P.A., is pleased to announce that 10-15 Associates, Inc., a long-standing client of the firm, has closed a deal to transfer its ownership of their investment advisory practice to Wealth Enhancement Group, an independent wealth management firm that oversees $20.3 billion in client assets.
“It has been rewarding to be outside counsel for this company helping them through the years on routine issues that come up here and there for active, successful businesses. We were happy to be able to give this client an exit and a way for them to capitalize on the asset they built over their careers, while also protecting their employees and the next generation of their family who was involved in the business,” said Oren M. Chaplin, a Member of the firm who was the main working attorney and lead counsel on this deal.
David S. Blatteis, also a Member of the firm who assisted in this matter, added “Noteworthy about this transaction is that it is a sign of the times for the financial services industry – buyers like Wealth Enhancement Group are acquiring firms owned by the baby boomer generation and later generations.”
“We have been involved with many buy-side and sell-side transactions in the financial services sector, so not only did we have the business law expertise for this transaction, but we were well-positioned to help our client accomplish their objective because of our intimate understanding and savvy working in this industry sector,” added Chaplin.
About the Acquisition of 10-15 Associates, Inc.
10-15 Associates, an independent registered investment adviser with offices in Goshen, Fishkill, and Tarrytown, New York, helps clients achieve their goals, protect and grow their assets, solve complex financial challenges, and retire with confidence. They offer strategic retirement, tax, and wealth management planning for individuals, and provide employers and businesses with 401(k) management for plan participants, educational resources, and advisory services. Since its founding in 1986, 10-15 Associates has grown to 16 employees, including seven financial advisors, and approximately $923 million in total client assets as of July 31, 2020.
Wealth Enhancement Group, also a registered investment adviser, offers a three-step process of organizing, collaborating, and guiding clients through financial planning, retirement income planning, tax strategies, investment management, estate planning, and insurance. Since 1997, they have spread nationwide, with approximately $20.3 billion in client brokerage and advisory assets as of August 21, 2020. Along with the recent acquisition of CJM Wealth Management in Deer Park, New York, acquiring 10-15 Associates will allow the Wealth Enhancement Group to assist clients at six offices throughout the state, further shoring up their presence in the broader tri-state area.
“We want to thank Oren and his team for all of their help in getting the transaction done,” said Debbie DeMatteo, Owner/CEO of 10-15 Associates. “We thought often over the last several months that we could never have anticipated having something like this for him to represent us on. He made the process much easier to get through than it would otherwise have been.”
The deal, which closed on November 1, was one of a few 10-15 Associates considered, but having the opportunity to remain with the newly combined firm and participate in the combination as they continue to grow and realize more success helped make the choice an easy one. The financial terms of the deal remain confidential. For more information, please click here.
About the Norris McLaughlin Mergers & Acquisitions Practice Group
The Norris McLaughlin mergers and acquisitions attorneys have structured, negotiated, and closed numerous U.S. and international transactions ranging from small-scale to complex multi-million-dollar deals. The firm’s attorneys have vast experience in all aspects of such corporate transactions, including asset and stock sales, statutory mergers, tax-structured transactions, corporate reorganizations, tender offers, leveraged buyouts, LLC and limited partnership interest exchanges, financing arrangements, due diligence investigation, governmental approvals and clearances, and international transactions.
Our dedicated business law attorneys can also assist with the analysis of tax, securities, labor, employee benefits, antitrust, real estate, intellectual property, environmental, and other legal issues related to mergers and acquisitions. More than 30 business law attorneys spend all or most of their time in a variety of disciplines within the field of business law. As a result, we have enough diversity of talent and bench strength to form teams of cross-functional attorneys, striving to create the right blend of general competence and expertise that are best situated to address our clients’ needs promptly, efficiently, and creatively.
As experienced advisors, our attorneys ensure that each client has the proper structure in place to guide them on what they can expect and what investors will expect, prior to a client meeting with any potential investor. We take a unique approach in the early stage of company relationships, in that each client can expect a single partner to be responsible and accountable for that relationship. Recognized by clients as their trusted advisors and virtual business partners, our attorneys deliver efficient and practical legal counsel, supporting each client’s needs with an eye on their bottom line and what’s best for their future.